SG Biofuels, Inc., (SGB) a San Diego, California-based bioenergy crop company, announced in January that it has completed a $17 million Series B financing led by Thomas, McNerney & Partners with participation from Finistere Ventures and current investors Flint Hills Resources, LLC and Life Technologies Corporation. The company said it will use the proceeds to expand research and development, advance commercialization efforts and scale global operations.
SGB also announced that Pratik Shah, Ph.D., partner at Thomas, McNerney, and Jerry Caulder, Ph.D., managing director for Finistere Ventures, have joined the company’s board of directors.
“We are very pleased to complete this financing and are privileged to add Thomas, McNerney and Finistere Ventures with their considerable track records and expertise to our team, ” said Kirk Haney, president and chief executive officer at SGB. “The funding comes at a time when we’re experiencing significant commercial adoption of our hybrid Jatropha and will be instrumental as we continue to expand our global footprint.”
In September 2010 the company secured $9.4 million in Series A funding.
SG Biofuels, Inc., an Encinitas, California-based bioenergy crop company, announced earlier this month that it completed a $9.4 million Series A financing. Participating in this round were Flint Hills Resources, a privately held company based in Kansas; Life Technologies Corporation, a biotechnology tools company based in Carlsbad, California; and existing investors. The company said that the financing will support its efforts to advance Jatropha (a non-edible shrub native to Central America) as a high-yielding, low cost feedstock for diesel, jet fuel, and petrochemicals.
In addition, SG Biofuels announced that Anthony Sementelli, CFO of Flint Hills Resources, and Nathan Wood, vice president of Life Technologies’ Genomics Technologies business segment, have joined the company's board of directors.
“We are very pleased to complete this financing with high-caliber partners that bring strategic value to our business model, and to have the round oversubscribed further validates our approach,” said Kirk Haney, president and chief executive officer at SG Biofuels. “Our integrated platform of breeding, biotechnology and agronomy provides a significant opportunity for SG Biofuels and our partners to create a thriving global market for crude Jatropha oil.”